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Credo Technology Group Holding 8-K Report, Financial Results (Sep 1, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed September 1, 2026
Period End
September 1, 2026
Security
CRDO
In the record · 2022–202610-K610-Q148-K38

CRDO filed 6 annual reports (10-K), 14 quarterly reports (10-Q) and 38 current reports (8-K) between 2022 and 2026.

  1. Leadership change8-K · Apr ’24Apr ’24
  2. Leadership change8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 8-K filed September 1, 2026. Cited figures are marked; the original filing is the authoritative source.

Credo Technology Group (CRDO) reported first-quarter fiscal 2027 results for the quarter ended August 1, 2026, with revenue of $479.0 milliona, up 9.6% sequentially and 114.7% year over year.

Non-GAAP net income was $236.3 millionb, or $1.20 per diluted share, up from $98.3 million a year earlier. GAAP net income was $129.4 million, or $0.67 per diluted share, down about 23% from $169.1 million in the prior quarter. GAAP gross margin was 64.5%, versus 68.2% in the prior quarter, largely because of $11.0 million of amortization of acquired intangibles now recorded in cost of revenue.

Non-GAAP gross margin held at 68.0%. GAAP operating expenses rose about 32% sequentially to $188.4 millionc, driven by R&D (up about 26%) and SG&A (up about 43%). As a result, GAAP operating income fell to $120.7 million from $155.8 million, and GAAP operating margin compressed to 25.2% from 35.7%.

Non-GAAP operating margin was 48.2%, versus 49.6% in the prior quarter. The balance sheet shows a major change in the quarter: goodwill rose from $92.8 million to $986.4 milliond and intangible assets from $29.3 million to $378.8 million, while cash and cash equivalents fell from $1,164.9 million to $466.9 million. The filing does not name the acquisition, but the size of these increases and the $10.4 million of acquisition and integration costs point to a significant deal.

Cash plus short-term investments was $764.3 million, down from roughly $1.44 billion. Paid-in capital increased by about $538 million, which suggests that equity was issued, possibly as acquisition consideration. For the second quarter of fiscal 2027, management guided to revenue of $525 million to $535 million, implying roughly 10% to 12% sequential growth.

Guidance also calls for GAAP gross margin of 62.9% to 64.9% and non-GAAP gross margin of 67.0% to 69.0%, with non-GAAP operating expenses of $100 million to $105 million. Investors will likely focus on whether the acquired businesses are integrating well, the durability of gross margin as amortization and inventory build continue, and the pace of operating expense growth.

02—Key points

Key Highlights

  1. Revenue of $479.0M, up 9.6% QoQ and 114.7% YoY, with inventories and receivables rising to support growth.
  2. Non-GAAP net income of $236.3M ($1.20 diluted EPS), up about 140% YoY; GAAP net income of $129.4M ($0.67 diluted EPS), down about 23% QoQ.
  3. GAAP gross margin fell to 64.5% from 68.2% QoQ due to $11.0M of acquired-intangible amortization; non-GAAP gross margin was stable at 68.0%.
  4. GAAP operating expenses rose about 32% QoQ to $188.4M, lowering GAAP operating margin to 25.2% from 35.7%.
  5. Goodwill jumped to $986.4M from $92.8M and intangibles to $378.8M, indicating a large acquisition; cash and short-term investments fell to $764.3M from about $1.44B.
  6. Q2 FY2027 guidance: revenue of $525M to $535M, GAAP gross margin of 62.9% to 64.9%, and non-GAAP operating expenses of $100M to $105M.

03—Questions

Frequently Asked Questions

  1. How strong was revenue growth, and what is driving it?

    Revenue reached $479.0 million, up 9.6% sequentially and 114.7% year over year. The company attributes growth to demand for AI infrastructure connectivity across optical and copper solutions. The filing does not break out revenue by product or customer.

  2. Why did GAAP net income decline even though revenue grew?

    GAAP net income fell to $129.4 million from $169.1 million in the prior quarter. GAAP operating expenses rose about 32% sequentially, mainly in R&D and SG&A, and cost of revenue increased with $11.0 million of new acquired-intangible amortization. Share-based compensation of $82.3 million in operating expenses also weighed on GAAP results. Non-GAAP net income, which excludes these items, rose to $236.3 million.

  3. What does the balance sheet show about recent acquisition activity?

    Goodwill increased to $986.4 million from $92.8 million, and intangible assets increased to $378.8 million from $29.3 million. Cash and cash equivalents fell to $466.9 million from $1.16 billion, and deferred tax liabilities rose to $53.7 million. Paid-in capital increased by about $538 million. The filing does not name the acquired company or the deal terms, so investors should review the company's subsequent disclosures for details.

  4. What is the outlook for the next quarter?

    For the quarter ending October 31, 2026, Credo guided to revenue of $525 million to $535 million, which implies about 10% to 12% sequential growth at the midpoint. It expects GAAP gross margin of 62.9% to 64.9% and non-GAAP gross margin of 67.0% to 69.0%, with non-GAAP operating expenses of $100 million to $105 million. The guidance implies lower GAAP gross margin than in Q1 because of continued acquired-intangible amortization.

04—Continue

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